Venkys (India) Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

- Poultry segment losses are significant currently but improvement expected in second half of FY '26 due to better realizations and demand post-festive season. - Raw material prices (maize, soya) have declined below MSP, expected to positively impact cost of production, reflected mainly in Q3 FY '26 and beyond. - Animal Health segment is stable and growing consistently with expected revenue crossing INR 370-380 crores this financial year, with new products launching to support growth. - Capacity utilization in broiler (67%), layer (75%), feed mill (52%), SPF (50%), and oilseed (50-55%) has room for growth if demand improves. - Expansion plans underway in SPF segment post-rainy season; layer segment expansion planned for FY '27-28. - Management hopeful of covering losses and turning profitable as market conditions improve. - No specific numeric forecast on EPS or operating profits was provided, but optimistic tone on recovery and growth across segments. Overall, earnings growth is expected to pick up from H2 FY '26 onwards driven by improved realizations, raw material cost benefits, and capacity utilization.

The transcript does not explicitly mention the current or expected order book or pending orders details. However, from the management comments on capacity utilization and demand outlook: - Broiler segment utilization is at 67%, with room to increase by about one-third if demand arises. - Layer segment is at 75% utilization, with potential to utilize remaining capacity especially during the January to July season. - SPF segment utilization is at 50%, with capacity left if good orders are received. - Feed mill capacity utilization is 52%, and oilseed segment capacity utilization is around 50-55%. - Management expects an improved demand scenario from October last week onwards and hopes for better realization and packing production. - Capacity expansions are planned in SPF (ongoing) and layer segment (planned for FY '27-'28) but not immediately. - Industry operators take quick calls between keeping farms empty or restarting based on demand and price signals. No specific numeric order book or backlog values were disclosed.